Debt (Tables)

6 Months Ended

Sep. 30, 2020

Debt obligations included in the condensed consolidated balance sheets consisted of the following (in millions):


	Coupon Interest Rate	Effective Interest Rate	Fair Value of Liability Component at Issuance (1)
				September 30,		March 31,
				2020		2020
Senior Secured Indebtedness
Revolving Credit Facility				$	1,919.6	$	2,388.5
Term Loan Facility				1,705.7		1,723.5
Bridge Loan Facility				—		615.0
4.333% 2023 Notes	4.333%	4.7%		1,000.0		1,000.0
3.922% 2021 Notes	3.922%	4.5%		1,000.0		1,000.0
2.670% 2023 Notes	2.670%	2.8%		1,000.0		—

Senior Unsecured Indebtedness
4.250% 2025 Notes	4.250%	4.6%		1,200.0		—
Total Senior Indebtedness				7,825.3		6,727.0
Senior Subordinated Convertible Debt - Principal Outstanding
2017 Senior Convertible Debt	1.625%	6.0%	$802.2	1,044.3		2,070.0
2015 Senior Convertible Debt	1.625%	5.9%	$262.0	312.4		1,110.0
Junior Subordinated Convertible Debt - Principal Outstanding
2017 Junior Convertible Debt	2.250%	7.4%	$321.1	686.3		686.3

Total Convertible Debt				2,043.0		3,866.3

Gross long-term debt including current maturities				9,868.3		10,593.3
Less: Debt discount (2)				(641.6)		(1,043.2)
Less: Debt issuance costs (3)				(49.2)		(67.9)
Net long-term debt including current maturities				9,177.5		9,482.2
Less: Current maturities (4)				(996.1)		(608.8)
Net long-term debt				$	8,181.4	$	8,873.4

(1) As each of the convertible debt instruments may be settled in cash upon conversion, for accounting purposes, they were bifurcated into a liability component and an equity component, which are both initially recorded at fair value. The amount allocated to the equity component is the difference between the principal value of the instrument and the fair value of the liability component at issuance. The resulting debt discount is being amortized to interest expense at the respective effective interest rate over the contractual term of the debt.

(2) The unamortized discount consists of the following (in millions):


	September 30,		March 31,
	2020		2020
Bridge Loan Facility	$	—	$	(3.1)
4.333% 2023 Notes	(2.9)		(3.5)
3.922% 2021 Notes	(1.2)		(2.1)
2.670% 2023 Notes	(2.7)		—
4.250% 2025 Notes	(14.2)		—
2017 Senior Convertible Debt	(239.0)		(504.2)
2015 Senior Convertible Debt	(49.4)		(192.9)
2017 Junior Convertible Debt	(332.2)		(337.4)
Total unamortized discount	$	(641.6)	$	(1,043.2)

(3) Debt issuance costs consist of the following (in millions):


	September 30,		March 31,
	2020		2020
Revolving Credit Facility	$	(12.3)	$	(14.6)
Term Loan Facility	(13.2)		(14.6)
Bridge Loan Facility	—		(3.1)
4.333% 2023 Notes	(6.6)		(7.7)
3.922% 2021 Notes	(2.7)		(4.8)
2.670% 2023 Notes	(1.6)		—
4.250% 2025 Notes	(1.9)		—
2017 Senior Convertible Debt	(6.1)		(13.0)
2015 Senior Convertible Debt	(1.8)		(7.0)
2017 Junior Convertible Debt	(3.0)		(3.1)
Total debt issuance costs	$	(49.2)	$	(67.9)

(4) As of September 30, 2020, current maturities consist of the 3.922% 2021 Notes which are due June 1, 2021. As of March 31, 2020, current maturities included the Bridge Loan Facility.

Schedule of Maturities of Long-term Debt

Expected maturities relating to the Company’s debt obligations as of September 30, 2020 are as follows (in millions):


Fiscal year ending March 31,	Expected Maturities
2021	$	—
2022	1,000.0
2023	—
2024	3,919.6
2025	312.4
Thereafter	4,636.3
Total	$	9,868.3

Convertible Debt

The following table sets forth the applicable Conversion Rates adjusted for dividends declared since issuance of such series of Convertible Debt and the applicable Incremental Share Factors and Maximum Conversion Rates as adjusted for dividends paid since the applicable issuance date:


	Dividend adjusted rates as of September 30, 2020
	Conversion Rate	Approximate Conversion Price		Incremental Share Factor	Maximum Conversion Rate
2017 Senior Convertible Debt (1)	10.5359	$	94.91	5.2679	15.0136
2015 Senior Convertible Debt (1)	16.4300	$	60.86	8.2150	23.0019
2017 Junior Convertible Debt (1)	10.7240	$	93.25	5.3621	15.0136

(1) As of September 30, 2020, the 2017 Senior Convertible Debt and the 2017 Junior Convertible Debt were not convertible. As of September 30, 2020, the holders of the 2015 Senior Convertible Debt have the right to convert their notes between October 1, 2020 and December 31, 2020 because the Company's common stock price has exceeded the Conversion Price by 130% for the specified period of time during the quarter ended September 30, 2020. As of September 30, 2020, the adjusted conversion rate for the 2015 Senior Convertible Debt would be increased to 19.7793 shares of common stock per $1,000 principal amount of notes based on the closing common stock price of $102.76 to include an additional maximum incremental share rate per the terms of the indenture. As of September 30, 2020, the 2017 Senior Convertible Debt, 2015 Senior Convertible Debt and 2017 Junior Convertible Debt had a value if converted above par of $129.5 million, $322.5 million and $105.0 million, respectively.

Schedule of Interest Expense

Interest expense consists of the following (in millions):


	Three Months Ended September 30,	Six Months Ended September 30,
		2020		2019		2020		2019
Debt issuance amortization		$	3.7	$	3.3	$	7.8	$	6.6
Debt discount amortization		1.6		0.7		3.1		1.4
Interest expense		59.4		74.9		112.1		153.6
Total interest expense on Senior Indebtedness		64.7		78.9		123.0		161.6
Debt issuance amortization		0.5		1.0		1.2		1.9
Debt discount amortization		16.2		29.6		40.0		58.8
Coupon interest expense		10.8		19.3		26.1		38.6
Total interest expense on Convertible Debt		27.5		49.9		67.3		99.3
Other interest expense		1.1		0.8		2.1		1.3
Total interest expense		$	93.3	$	129.6	$	192.4	$	262.2